• Investing
  • Stock
Round Table Thoughts
  • Economy
  • Editor’s Pick
Home Economy Study casts doubt on electric vehicles’ climate, cost benefits: ‘Won’t achieve the goals intended’
Economy

Study casts doubt on electric vehicles’ climate, cost benefits: ‘Won’t achieve the goals intended’

by July 18, 2023
by July 18, 2023 0 comment
Share
0
FacebookTwitterPinterestWhatsapp

A new report published by the Manhattan Institute threw cold water on the purported climate and cost benefits of electric vehicles (EVs) widely touted by lawmakers and automakers.

Overall, the rapid electrification of the U.S. transportation sector would increase consumer costs, make the electric grid more vulnerable to blackouts, threaten national security and may not even lead to fewer greenhouse gas emissions, according to the paper titled ‘Electric Vehicles for Everyone? The Impossible Dream’ and authored by Manhattan Institute senior fellow Mark Mills.

‘I think it’s morally consequential. It’s geopolitically consequential and socially, economically consequential,’ Mills told Fox News Digital in an interview. ‘The subsidies and the mandates run the risk of causing maybe the biggest misallocation of capital in modern times in the industrial markets. Hundreds of billions of dollars are going to be spent chasing these mandates, requirements.’ 

‘And it won’t, as the report shows, it won’t achieve the goals intended and the attempt to do so will have enormous economic and social costs because the underlying premises are either incorrect, too poorly understood or too difficult to quantify in order to take the actions that are being taken,’ he continued.

Mills said the government push to aggressively electrify the transportation sector over the coming years is based on the premises that it will both help the environment by lowering economy-wide carbon emissions and help save consumers money through lower fueling costs while keeping car prices co-equal with current prices.

However, Mills’ report highlights that emissions and costs are subject a wide range of conditions. 

‘It depends on when and where you charge the vehicle,’ he told Fox News Digital. ‘Then you have to add to that, the emissions that occur before you get the vehicle in your driveway for the first time because all vehicles entail CO2 emissions associated with the energy you use to build the vehicle. You use of materials and machines to build everything.’ 

‘For an internal combustion engine, something on the order of 15 to 20% of the emissions that is associated with the vehicle over its lifetime of operating occur before you drive it,’ he continued. ‘With an electric vehicle, the share of emissions range from 15% to 100% of total lifecycle emissions. And they’re far greater than the conventional vehicle because you’re building a fuel tank, a battery, on difficult-to-acquire metals.’

Mills added that there are ‘realistic scenarios’ where driving an electric vehicle will cause greater global emissions than driving an internal combustion engine.

His report, meanwhile, comes as lawmakers at the federal and state level continue to take aim at traditional gas-powered vehicles while boosting EVs. 

In December, the Environmental Protection Agency (EPA) finalized rules targeting heavy-duty trucks that it said at the time were the ‘strongest-ever national clean air standards to cut smog- and soot-forming emissions’ from such vehicles. The new standards went into effect on March 27 and will be implemented for new trucks sold after 2027.

Then, in April, the EPA proposed the most aggressive federal tailpipe emissions targeting light- and medium-duty emissions ever crafted. If finalized and implemented, a staggering 67% of new sedan, crossover, SUV and light truck; up to 50% of bus and garbage truck; 35% of short-haul freight tractor; and 25% of long-haul freight tractor purchases could be electric by 2032, the White House projected.

The EPA also reinstated in March 2022 California’s authority under the Clean Air Act to implement its own emission standards and electric vehicle sales mandates, allowing other states to also adopt California’s rules. 

Months later, in August, the California Air Resources Board, a leading state environmental agency, approved regulations mandating that all car purchases in the state — which leads the country in annual car sales — are zero emissions by 2035. Overall, it is estimated that the nearly 20 states set to adopt California’s regulations represent more than 40% of total U.S. car purchases.

‘Ultimately, if implemented, bans on conventionally powered vehicles will lead to draconian impediments to affordable and convenient driving and a massive misallocation of capital in the world’s $4 trillion automotive industry,’ Mills wrote in his report.

‘Imagining a hypothetical all-EV world requires acknowledging the unavoidable fact of a rats’ nest of assumptions, guesses, and ambiguities regarding emissions,’ he concluded. ‘Much of the necessary data may never be collectible in any normal regulatory fashion, given the technical uncertainties and the variety and opacity of geographic factors, as well as the proprietary nature of many of the processes.’

‘Those uncertainties could lead to havoc if U.S. and European regulators enshrine ‘green disclosures’ in legally binding ways, and it all will be subject to manipulation, if not fraud.’

Thomas Catenacci is a politics writer for Fox News Digital.

This post appeared first on FOX NEWS
You Might Also Like
  • Heritage rips Harris’ ‘dangerously liberal’ policy record with new website, 6-figure outreach to independents
  • Conservatives call for GOP candidates to drop out after 2nd debate: ‘Time to thin the herd’
  • Iran’s proxies killed Americans and Biden’s weakness is to blame
  • Uptick in dead whales along East Coast sparks intense debate among environmentalists over offshore wind
Share
0
FacebookTwitterPinterestWhatsapp

previous post
Pentagon’s AI plan must include offense and defense under House-passed bill: ‘DOD has to catch up’
next post
Dems warn of 30-foot sea level rise without action on climate, call for ‘recovery plan’

You may also like

Ramaswamy’s claims he came from ‘no money’ clash with prep...

August 25, 2023

Republican lawmakers say Biden is prioritizing ‘woke ideology’ over border...

January 25, 2023

2024 battle for Senate majority: These five seats held by...

November 19, 2023

House may hold third-round speaker vote today, but path to...

October 20, 2023

DOD says US Navy, Israeli-owned ship not intended target of...

November 29, 2023

Kamala Harris to accept presidential nomination on final night of...

August 22, 2024

The Libido for the Superficial

December 8, 2022

Harris takes aim at Trump as she vows ‘to be...

August 23, 2024

Biden admin faces bipartisan backlash for allowing beef imports from...

February 28, 2024

Who has the ‘Keys to the White House’? Historian with...

June 12, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Week Ahead: NIFTY Stays In A Defined Range; Moving Past This Level Crucial For Resumption Of Upmove

      May 31, 2025
    • Breakouts, Momentum & Moving Averages: 10 Must-See Stock Charts Right Now

      May 31, 2025
    • Leadership Rotation Could Confirm Corrective Phase

      May 30, 2025
    • Run Your Stock Portfolio Like a Pro Sports Team

      May 30, 2025
    • U.S. foreign tax bill sends jitters across Wall Street

      May 30, 2025

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be...

      June 27, 2024 2,765 views
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as...

      August 9, 2024 2,472 views
    • 3

      Biden appointee played key role in recruiting Chinese...

      June 25, 2024 2,451 views
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful...

      July 10, 2024 2,432 views
    • 5

      Harris VP pick spent years promoting research facility...

      August 29, 2024 2,308 views

    Categories

    • Economy (7,009)
    • Editor's Pick (2,106)
    • Investing (538)
    • Stock (2,582)

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be revived under new House GOP bill

      June 27, 2024
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as Harris camp blasts ‘lying’ critics

      August 9, 2024
    • 3

      Biden appointee played key role in recruiting Chinese businesses to Delaware: ‘Longtime friends’

      June 25, 2024
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful of Chinese spy threats

      July 10, 2024
    • 5

      Harris VP pick spent years promoting research facility that collaborated with ‘Chinese military company’

      August 29, 2024

    Latest News

    • Week Ahead: NIFTY Stays In A Defined Range; Moving Past...

      May 31, 2025
    • Breakouts, Momentum & Moving Averages: 10 Must-See Stock Charts Right...

      May 31, 2025
    • Leadership Rotation Could Confirm Corrective Phase

      May 30, 2025

    Categories

    • Economy (7,009)
    • Editor's Pick (2,106)
    • Investing (538)
    • Stock (2,582)

    Disclaimer: RoundTableThoughts.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 RoundTableThoughts.com. All Rights Reserved.

    Round Table Thoughts
    • Investing
    • Stock
    Round Table Thoughts
    • Economy
    • Editor’s Pick

    Read alsox

    Trump team drops new nickname for...

    December 31, 2023

    Hypocrisy Abounds at Climate Summit

    November 26, 2022

    US refugee orgs met with racism,...

    April 10, 2023
    Sign In

    Keep me signed in until I sign out

    Forgot your password?

    Password Recovery

    A new password will be emailed to you.

    Have received a new password? Login here